The jackpot for the MEGA Millions draw on Fri May 17, 2024, is projected to be $393 Million, with an option for a cash payout of $181.5 Million. Should you be the lucky winner of the MEGA Millions jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For New Jersey residents, the state will deduct 8% from your lottery earnings.
| New Jersey MEGA Millions Jackpot/Cash Option for Fri May 17, 2024 |
|---|
| Draw Date | Fri May 17, 2024 | | Projected Jackpot | $393,000,000 | | Cash Value | $181,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $181,500,000 | | Federal Tax(24%) | $43,560,000 | | Additional Federal Tax | $23,555,330 | | State Tax(8%) | $14,520,000 | | Net Lumpsum Payment | $99,864,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,915,043 |
$2,148,896
$473,203 |
$3,292,944 |
| 2 |
$6,210,972 |
$2,258,390
$496,878 |
$3,455,704 |
| 3 |
$6,521,442 |
$2,373,264
$521,715 |
$3,626,463 |
| 4 |
$6,847,632 |
$2,493,954
$547,811 |
$3,805,867 |
| 5 |
$7,189,935 |
$2,620,606
$575,195 |
$3,994,134 |
| 6 |
$7,549,530 |
$2,753,656
$603,962 |
$4,191,912 |
| 7 |
$7,926,810 |
$2,893,250
$634,145 |
$4,399,415 |
| 8 |
$8,323,347 |
$3,039,969
$665,868 |
$4,617,510 |
| 9 |
$8,739,534 |
$3,193,958
$699,163 |
$4,846,413 |
| 10 |
$9,176,550 |
$3,355,654
$734,124 |
$5,086,772 |
| 11 |
$9,635,181 |
$3,525,347
$770,814 |
$5,339,020 |
| 12 |
$10,116,999 |
$3,703,620
$809,360 |
$5,604,019 |
| 13 |
$10,622,790 |
$3,890,763
$849,823 |
$5,882,204 |
| 14 |
$11,154,126 |
$4,087,357
$892,330 |
$6,174,439 |
| 15 |
$11,711,793 |
$4,293,694
$936,943 |
$6,481,156 |
| 16 |
$12,297,363 |
$4,510,355
$983,789 |
$6,803,219 |
| 17 |
$12,912,015 |
$4,737,776
$1,032,961 |
$7,141,278 |
| 18 |
$13,557,714 |
$4,976,685
$1,084,617 |
$7,496,412 |
| 19 |
$14,235,639 |
$5,227,517
$1,138,851 |
$7,869,271 |
| 20 |
$14,947,362 |
$5,490,854
$1,195,789 |
$8,260,719 |
| 21 |
$15,694,848 |
$5,767,424
$1,255,588 |
$8,671,836 |
| 22 |
$16,479,669 |
$6,057,808
$1,318,374 |
$9,103,487 |
| 23 |
$17,303,397 |
$6,362,587
$1,384,272 |
$9,556,538 |
| 24 |
$18,168,783 |
$6,682,780
$1,453,503 |
$10,032,500 |
| 25 |
$19,077,006 |
$7,018,823
$1,526,160 |
$10,532,023 |
| 26 |
$20,031,210 |
$7,371,878
$1,602,497 |
$11,056,835 |
| 27 |
$21,032,574 |
$7,742,383
$1,682,606 |
$11,607,585 |
| 28 |
$22,084,242 |
$8,131,500
$1,766,739 |
$12,186,003 |
| 29 |
$23,188,572 |
$8,540,102
$1,855,086 |
$12,793,384 |
| 30 |
$24,347,922 |
$8,969,062
$1,947,834 |
$13,431,026 |
|
|
